房地产行业点评：单月销售增速转正，到位资金延续改善

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expectation that the industry index will perform better than the market by more than 5% over the next six months [33]. Core Viewpoints - The report highlights that the monthly sales growth has turned positive, with November seeing a year-on-year increase of 3.2% in sales area and 1% in sales amount, marking the first positive growth since June 2023 [4][5]. - The report anticipates that the recovery in investment will lag behind sales, projecting a 7.5% year-on-year decline in investment for 2025 [5]. - The report emphasizes the ongoing improvement in funds received by real estate companies, with a notable increase in deposits and prepayments, which grew by 5% year-on-year in November [5][8]. Summary by Sections Sales Data - In November, the total sales area of commercial housing reached 81.88 million square meters, with a sales amount of 82.7 billion yuan, reflecting a year-on-year increase of 3.2% and 1% respectively [4]. - The average selling price of commercial housing in November was 10,100 yuan per square meter, showing a month-on-month decrease of 3.2% and a year-on-year decrease of 2.2% [4][24]. Investment Data - National real estate investment in November was 732.5 billion yuan, representing a year-on-year decline of 11.6%, although the decline was narrower compared to October [5]. - New construction area in November was 60.81 million square meters, down 26.8% year-on-year, while completed area was 61.57 million square meters, down 38.8% year-on-year [5]. Funding Situation - The total funds received by real estate companies from January to November amounted to 9.7 trillion yuan, a year-on-year decline of 18% [3]. - Domestic loans decreased by 3.8% year-on-year, while deposits and prepayments showed a positive growth trend, indicating a potential recovery in cash flow for real estate companies [5][8].